MRPC NEWS
Jan. 7, 2005
For immediate release
For more information, contact:
Bonnie J. Prigge or Lesley Bennish (573) 265-2993
STATE MODIFIES CITY'S AFFORDABLE
HOUSING GRANT
TO INCLUDE EXISTING HOMES PURCHASED BY INCOME ELIGIBLE FAMILIES
Grant dollars available to help eligible homebuyers purchase first home
ROLLA-The Missouri Department of Economic Development has expanded the city
of Rolla's affordable housing grant to include existing single-family homes
instead of limiting it to new construction homes. The city of Rolla is hopeful
that this will open the door for more local families to participate in buying
a home through its affordable housing program, said John Petersen, Rolla's community
economic developer.
The city of Rolla still has grant dollars available to help income eligible
homebuyers purchase single-family homes in Rolla by providing assistance with
down payments and closing costs. The downpayment assistance program is made
possible through a grant of $122,000 from the Missouri Department of Economic
Development Community Development Block Grant Program.
At first, the program was limited to new construction homes, but recently DED
announced that existing, single-family home purchases were eligible for the
program.
The program will cover up to 50 percent of the down payment and 100 percent
of the closing costs for eligible buyers, not to exceed $7,200 total, said Lesley
Bennish, community development specialist with the Meramec Regional Planning
Commission, who prepared the grant request and is administering the program
for the city of Rolla.
The assistance will be offered as a four-year forgivable loan, as long as the
applicant resides in the home. The loan would be forgiven on a prorated basis
and will be detailed in a regulatory agreement filed with the county recorder.
The buyers must be low-to-moderate income and the cost of the single-family
home should be affordable. Any home cvosting more than $105,000 must be approved
by the city for inclusion in the grant program. Mobile homes are not eligible
for the program, however, the city may approve modular housing depending on
an approved site plan, building elevation and neighborhood.
The homes must meet all city codes and ordinances, and the homebuyers must
remain current on property taxes and other city assessments.
To apply for the assistance, prospective homebuyers must complete an application
that will document their income and must attend a homeownership budgeting workshop,
offered by MRPC. Eligible buyers must meet the income limits specified below:
* 1-person family-At or below $26,400
* 2-person family-At or below $30,150
* 3-person family-At or below $33,900
* 4-person family-At or below $37,700
* 5-person family-At or below $40,700
* 6-person family-At or below $43,700
* 7-person family-At or below $46,700
* 8-person family-At or below $49,750
To apply for assistance, buyers may apply for the program through the Meramec Regional Planning Commission, 4 Industrial Drive in St. James or may contact Lesley Bennish at (573) 265-2993 or by email at lbennish@meramecregion.org.